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Is Tyne Beach Terrace legit?
Bahamas Message Boards: Bahamas Vacation Forums: Freeport and Grand Bahama Vacations: Is Tyne Beach Terrace legit?

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By Anonymous Tourist on Wednesday, September 29, 2004 - 07:13 pm:

We have purchased a time share at Tyne Beach Terrace and spent our first week there. Your island is beautiful. However, our membership agreement stated annual dues as $378. Then we got an "adjustment" bill for an add'l $320, for an annual total of almost $700. Now we have gotten an add'l bill for yet another $800 for "Renovation Special Assessment Fees" (before the hurricanes). This would bring my annual total to almost $1,500!!! Who would I check with on the island (governing authority, attorney) to see if this is legit, or just an ongoing scam?

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By Anonymous Tourist on Sunday, January 16, 2005 - 08:50 pm:

Greetings from Colo.
We are time share owners(3 yrs) likewise and rec'd the same requests after our last visit in March. Collection threats, etc/ We've asked the same questions but its not easy to find gov't authority. Supposedly, its the Bahama Tourist office that handles?
We would be interested in any pictures or detail description of the bld., etc.

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By Ellerd Hulbert on Wednesday, March 02, 2005 - 09:05 am:

The government contact is in the Ministry of Financial Services and Investments. Specifically,

Mr. Chris Adderley
Investment Officer
Time-share Unit
Ministry of Financial Services and Investments
P.O. Box N-7770
Nassau, Bahamas
Tel. 242-356-5956
Fax 242-356-5990
email chrisdion17@yahoo.com

Please contact me, a concerned owner, at ehulbert@gte.net

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By Lori on Sunday, March 20, 2005 - 10:16 am:

My mother also has a timeshare at tyne beach and keep getting notices for more money for renovation cost etc. We will be going over in April to stay at the Island Seas since tyne has been condemned as of December supposedly they are remodeling now, but who knows how long that will take. Will be getting photos too.

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By Anonymous Tourist on Tuesday, May 03, 2005 - 08:07 am:

I have the same problem with Tyne beach as all of you, with the threat if being turned over to a collection agent etc. The thing that bothers me the most is they wanted the higher renovation fee to repair and replace things they said had already done just two years before and I have the letters to back this up. It appears that the management at Tyne beach is a problem

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By Admin on Tuesday, May 03, 2005 - 10:06 am:

It would be my advice to avoid the place. We have had WAY too many complaints regarding the Tyne Beach timeshares.

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By Anonymous Tourist on Tuesday, May 10, 2005 - 12:28 am:

I was told that the Tyne Beach Terraces were to be condemned. The owner/owners got a huge hurricane settlement.

Check it out!!!

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By Anonymous Tourist on Thursday, June 02, 2005 - 01:37 pm:

I just book this timeshare through an RCI exchange for April 2006. What I am reading is pretty scary. Can anyone verify the condition of the resort?

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By Michelle on Sunday, June 12, 2005 - 07:33 pm:

Does anyone have a number or a way to contact the resort? Last I heard it was going to open in 2006 but I wanted to make sure it wasn't going to open any sooner. Thanks!!

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By Anonymous Tourist on Wednesday, August 10, 2005 - 09:45 pm:

I too have a timeshare at tyne beach. I was told that after the hurricane they were trying to get the insurance company to cover everything. I askes that if the insurance covered all the repairs would we be getting our money back? I was told no! I have paid my maintenance fee and one remodeling fee, but I will pay no more.
Management is a real problem at the resort. They are not trying to sell units to get the maintenance fee down.
For those that wanted the phone number it is as follows; 1-242-352-7013

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By Anonymous Tourist on Thursday, January 19, 2006 - 06:42 pm:

Tyne Beach is a total mess. You cannot stay there. The owner Peter is not doing anything in the form of rehab and it will be years if ever that you my stay there again. The Port Authority has condemned the building.

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By Anonymous Tourist on Wednesday, May 03, 2006 - 08:35 pm:

I would like to inform all those that own at Tyne Beach...It is a total mess...I was at the resort in July 2005...I too have received the numerous letter from Peter telling me that I have to pay my yearly fee...I just ignore it...After what I have seen there, I will not pay it...He told us that he had an engineer there working to get it fix...From the person that we talk to that was there working, he is a relative of one of the workers and not an engineer...Peter has decided to change the way the resort was...There is no longer the large sliding door to look at the ocean, he as replace them with small windows...For being over a year since the hurricane, the place looked like it had just happen...I am going again this summer and I have found out where Peter is living and I will call the newspaper, the television station and bring this matter to their attention....

Last year I talk to the radio station and they could not do anything since I did not have Peter's address so that they could get his side of the story....But this year it will be different....I have his address...and knows where is new wife works....Wish me luck...
If anyone wants to contact me

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By Anonymous Tourist on Wednesday, May 03, 2006 - 10:55 pm:

email for the anonymous trourst is
paintplace@hotmail.com

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By peter Munksnaes on Saturday, June 03, 2006 - 12:01 pm:

From Peter Munksnaes, the owner of Tyne Beach Terrace,
as you all know the Bahamas was hit by first two hurricanes then another one a year later, the damage was exstensive, the building was not condemed with a notice to be taken down, but only, that the damage was so great that it would be more profitable to build a new one!
The insurance company refuse to pay the damage and arbitration is now in progress.
However, other possibilities are being sought to get financing to rebuild the building and bring it back in good shape.
The owners that have paid the yearly maintenance fee have been able to exchange with RCI through this time of problems.
We only have approx 100 members left from the original 1000, so the club have suffered a great los. The 100 members will hopefully soon be able to receive good news, that we have the funds to rebuild the resort and a date for opening will be set.
We are looking forward to be able to bring back our club members to a new and frech resort in the future.
Any one with questions can call Tyne Beach Office at 242 352 7013 at this time we are open Monday Tuesday Wednesday and Friday.
fac number 242 352 3146
e mail to me personally are peterbahamas@yahoo.com

To the club members of Tyne Beach Terrace Vacation Club, we are doing our best to get through this disarsteres time and are committet to bring back Tyne Beach, so you can come back and enjoy your vacation time here at Tyne Beach, I dont expect you to fully understand the problems we have had, but hope you will see it through with hope and faith.
I trust many of you know that when a problem have to go to court or arbitration, the problem gets bigger and bigger in the mean time and it takes more time that you ever expected.

I am very sorry for this situation,we paid our insurance and have a hard time understanding the problems we now have in getting the funds to rebuild the resort.
Again, any member are very welcome to contact us for up to date information.

Yours faithfully
Peter Munksnaes

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By Admin on Saturday, June 03, 2006 - 05:05 pm:

Thank you Peter for the update and your contact info. I know there have many people interested in finding out what is going on with the Tyne Beach Terrace property.

Best of luck in sorting the problems out.

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By Anonymous Tourist on Tuesday, September 19, 2006 - 05:10 pm:

To all TNT owners and interested parties:

We surprised them with a visit in May! There are people living there, eventhough the place is a mess. There is electricity and water. The govenment gave them a $400,000 settlement but nothing has been done as of May. We met a representative from the Bahamas board of tourism at the property and filed a formal complain. So far we have heard nothing, but we have gotton another bill. If you read your agreement, you do not have to pay in order to maintain your membership if the property is not open for use. We are further researching, but would like to know if anyone else has filed a complaint.

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By Anonymous Tourist on Wednesday, September 27, 2006 - 11:43 pm:

To annonymous tourist on Tuesday, Sept 19, 2006
I have also visited tyne beach terrace twice in the past year, i will going to bahamas in october for a week, can u pls tell me who you contacted from ministry of tourism to file your complaint?? we are owners and so is my sister and husband, ty sarah

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By Anonymous Tourist on Thursday, October 05, 2006 - 04:01 pm:

I too have gone to tyne beach again this year...My friend and I are seeking the help of a lawyer there in Freeport..Above you have read all the things that peter has said about not getting any money...I am surprise to learn that he is living in a very exclusive home and his new wife owns a boutique in Port Lucaya while we are being threaten to loose our membership if we don't pay our maintenance fee...Maintenance fee...what is that?????The place looks terrible, there is stuff every where...so what am I paying for....for them to bring in more garbage...Its amazing to me that when the place was open and in dire need of repair peter choose to buy his then girlfriend a new $34,000 dollar car and let the place go to hell...
Why should he fix it now....I took the tourism board into my unit to let them see how bad it was and they have never done anything about it...I have even sent a complaint to Nassau tourism board and still nothing has been done...That is why I have resorted to hiring a lawyer and try to sue.

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By Anonymous Tourist on Friday, October 06, 2006 - 12:18 am:

well i'll be there 0ct 21st for a week, and we do plan on filing a formal complaint, and i will also find out about any law suits that may be pending - tks for the info - Sarah

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By Peter Munksnaes on Sunday, October 08, 2006 - 12:41 am:

Dear Anonymous Tourist who made wrote here Thursday Oct.5.06.
You can read the approiate facts above written June 3 06.
I fail to see what my wifes car have to do with our problems at Tyne Beach, but for your information, my wifes car is a 1999 bought several years before the hurricanes. Your interest in my wifes store is also incrediable to me, but you feel like she should sell her store or just close it?? why do you have anything against her having a store??? I find your comments so infentile and stupid, and I hope other members can see the level of questions I sometimes get, however, I answer all questions asked to me, I write members news letters on a regular basis. You even ask, why I should rebuild the resort, even the most stupid person will find that question strange, I am sure even you would prefer a rebuild resort to that of a damaged one.
Members have paid the yearly fee to be able to exchange with RCI, so they dont lose the week, we have exchanged over 150 members this year.
I am sure most of our members understand the situation we are in and that it is not a situation we made for our selfs.
I can also inform you that we are spending thousands of dollars in legal fees to sue the insurance company.
You also have a problem with the place I live in, but I guess that you your self know how stupid your letter is, so far from the facts, that you dont even can address it with your name.

After thinking a bit about this and reading your letter again,I trust you can see how childish it really is, mentioning my wifes car her store and our home.
You are acting so stupid because you are afraid that you might loose your membership in a vacation club worth a few thousand dollars, not really thinking about that this is my business and my home that was washed away, my building worth several millions.
We had some problems with the special assessments fees and the upkeep of the resort, but this is my business and home, I love Tyne Beach and its visitors that come year after year.
To think that I dont want to fix it up, please explain to me why you think I would not fix it up???? I ask you to please explain what advantage I should have in not fixing the resort or hold your stupid thoughts for your self and dont get me upset like this again.

For the people that read this, I am so sorry that you should see me in a exchange on this level, but it made me upset to see what people would think and how wrong they can bee.

If you have any questions about Tyne Beach, PLEASE cantact my office at Tyne Beach 242 352 7013 or e mail peterbahamas@yahoo.com

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By Dorottya Szabo on Sunday, October 08, 2006 - 05:45 am:

Dear Anonymous.
I have known the place for 22 years. I also know the owners, who has done a great business for all this time. I'm sorry for all your losses, but mostly for Peter's and his family's. He invested his life in this project, and having a luxury home, and a car for $36.000 is not that much for a lifetime of hard work. B.W. That is not a lot of money for a car!!!!!! Maybe you are happy with a FIAT. If you know what the difference is. Get a life!

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By Anonymous Tourist on Sunday, October 22, 2006 - 06:50 pm:

Owners of Tyne Beach Vacation Club, I visited Tyne Beach last week. It is clear to me that the owner Peter is working on the building but he got his work cut out for him.
With out insurance funds, I doubt he will get it up and running. He did explain the situation to me and I understand that there are several hotels and buildings that are in the same situation. I dont understand that the government dont help out and put some preasure on the insurance company.
Peter told me that he dont know what is going to happen in the future but he is working on it, he also told me that he is taking care of the members that want to exchange with rci.
To me, the situation is that Tyne Beach Terrace has been hit very hard and have some real bad or no help at all rebuilding the resort, I look at it this way, I maybe lost me membership in a vacation club but Peter and the staff lost their business and livelyhood. So my advise to members, think less or your self and hope for the best, we only lost a few dollars but they lost everything on the island. Hundreds of people lost their homes, the island is almost deserted now, no tourist no income !!

So STOP complaining, be larger that that, they are scrambling there OK.

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